A relaxation-function theory for the dynamic spin susceptibility in the $t$--$J$ model is presented. By a sum-rule-conserving generalized mean-field approximation (GMFA), the two-spin correlation functions of arbitrary range, the staggered magnetization, the uniform static susceptibility, and the antiferromagnetic correlation length are calculated in a wide region of hole doping and temperaturs. A good agreement with available exact diagonalization (ED) data is found. The correlation length is in reasonable agreement with neutron-scattering experiments on La_{2-delta}Sr_delta)CuO_4. Going beyond the GMFA, the self-energy is calculated in the mode-coupling approximation. The spin dynamics at arbitrary frequencies and wave vectors is studied for various temperatures and hole doping. At low doping a spin-wave-type behavior is found as in the Heisenberg model, while at higher doping a strong damping caused by hole hopping occurs, and a relaxation-type spin dynamics is observed in agreement with the ED results. The local spin susceptibility and its (omega/T) scaling behavior are calculated in a reasonable agreement with experimental and ED data.
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